ANALYSIS: Dynamics of conditional pension unit of Kazakhstan APF since beginning of their activities till July 1, 2003

/IRBIS, July 16, 03 / - Information agency of financial markets IRBIS (Almaty) continues publication of information on pension market provided by the National Bank of Kazakhstan. In the following table values of condition pension unit (CPU) of accumulative pension funds' (APF) assets of the republic as of July 1, 2003 and also dynamics of this indicator for different periods of funds' activity (calculated by IRBIS) are given. Funds have been sorted in the order, which corresponds to the start of their activity at the market. Trends are given in percents relative to corresponding data on June 1, 2003. -------------------------------------------------------------------------------- CPU change in % APR Value ----------------------- since the beginning of: during last: Title Data of of ------------------------------- ----------------------- of activi- CPU on acti- fund ty start July 1.03 vity 2001 2002 2003 6 mon. 3 mon. 1 mon. ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- SAPF Jan15.98 275.2379 32.09 14.65 12.31 6.53 6.53 7.22 -1.98 (-0.16) (-1.8) (-3.9) (-6.5) (-20.7) (-33.9) (-25.7) (-116) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- HBK Feb24.98 306.2670 38.55 13.73 11.36 8.16 8.16 11.73 16.99 (+1.40) (+0.5) (+2.2) (+4.4) (+29.2) (+6.1) (+55.5) (+91.5) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- VTF Mar20.98 288.4246 35.65 12.76 10.02 5.28 5.28 7.20 6.45 (+0.53) (-0.8) (-1.1) (-1.5) (+5.1) (-14.0) (-3.8) (-7.3) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- HPF Mar22.98 311.4530 40.05 13.98 11.02 7.81 7.81 9.15 6.78 (+0.56) (-0.7) (-1.2) (-1.6) (-2.0) (-20.5) (-38.8) (+142) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- Kuna- Mar24.98 260.6697 30.46 11.14 7.69 -0.25 -0.25 -4.86 -26.12 ev (-2.15) (-4.9) (-12.2) (-22.1) (-105.1) (-104) (-183) (-810) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- Kaz- Apr19.98 301.8949 38.81 11.69 8.34 -1.40 -1.40 -2.73 -16.37 mys (-1.35) (-3.5) (-8.8) (-15.8) (-187.5) (-130) (-155) (-1391) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- UlUm Apr20.98 305.5165 39.52 13.31 11.04 3.90 3.90 8.24 14.63 (+1.20) (+0.2) (+1.5) (+3.2) (+123.4) (-47.9) (+65.0) (+464) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- Kaz-n Apr28.98 291.2849 36.94 13.94 10.71 5.63 5.63 8.78 16.48 (+1.35) (+0.5) (+2.0) (+4.6) (+64.3) (+7.7) (+12.6) (+406) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- NGD Jun07.98 295.6474 38.60 13.82 9.49 5.10 5.10 6.55 2.45 (+0.20) (-1.3) (-2.5) (-3.9) (-9.2) (-28.6) (-10.1) (-76.4) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- Kur- Jan22.99 245.6989 32.81 14.02 10.67 5.32 5.32 8.86 15.82 met (+1.30) (+0.3) (+1.7) (+4.2) (+66.6) (-1.0) (+13.6) (+329) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- ААКMG Mar03.99 214.3037 26.39 14.18 11.92 9.57 9.57 12.86 24.88 (+2.04) (+1.9) (+4.7) (+8.93) (+49.6) (+18.9) (+87.0) (+409) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- SENIM Jul20.99 164.1106 16.23 13.47 10.66 4.69 4.69 0.39 -8.79 (-0.72) (-3.9) (-6.0) (-10.2) (-36.8) (-53.3) (-93.6) (-559) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- Kor- Dec01.99 147.2800 13.19 11.74 7.99 1.58 1.58 0.57 -9.74 gau (-0.80) (-4.7) (-6.6) (-12.1) (-59.1) (-71.1) (-90.6) (-452) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- PMK Apr07.01 123.3616 10.46 - 10.55 8.33 8.33 11.44 12.31 (+1.01) (+1.7) - (+2.0) (+11.6) (-1.6) (-18.4) (+753) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- Otan Nov26.01 113.7366 8.61 - 8.74 5.63 5.63 7.80 13.63 (+1.12) (+4.4) - (+4.5) (+40.8) (+9.1) (+52.6) (+283) ----- -------- --------- ------ ------- ------- -------- ------- ------- ------- Kapi- Mar06.02 107.0790 5.36 - - 3.49 3.49 7.29 -1.17 tal (-0.10) (-7.6) - - (-21.0) (-39.1) (-20.2) (-162) -------------------------------------------------------------------------------- It's better to make conclusions about effectiveness of activity of APF (more precisely its PAMC, unless the fund itself manages assets) based not on absolute value of CPU but its speed of change since the absolute value of the unit depends on operating tern of the fund. On this reason IRBIS agency operates in table with the speed of the change of CPU in different periods, expressed in percents per annum. The indicator for each period is determined as a difference between the last and first values of CPU divided by first value, expressed in percents, then divided by number of days in the period and multiplied by 365. In the opinion of IRBIS analysts, derived parameter can be considered as a nominal (without taking into account inflation) yield of fund assets during period for the depositor. The following detailed table enables to observe dynamics of described above change indicator of CPU (% APR) in monthly sector for the last 12 months. Funds in this table have been sorted alphabetically. --------------------------------------------------------------------------------------- 2002 ----------------------------------- 2003 Ave- Fund Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June rage ------- ----- ----- ----- ----- ----- ----- ----- ------ ----- ----- ----- ------ ----- ААКMG 12.99 8.58 10.57 7.58 11.63 15.69 11.36 -0.87 6.93 8.75 4.89 24.88 10.25 VTF 12.73 8.73 10.54 13.71 9.96 11.36 4.86 -2.92 7.31 8.06 6.96 6.45 8.15 SAPF 13.39 12.51 13.69 7.28 18.45 17.28 10.40 0.63 5.59 10.85 12.53 -1.98 10.05 Kaz-n 13.47 9.21 11.28 6.44 17.88 13.81 2.30 -9.54 13.34 6.63 3.25 16.48 8.71 Kaz-mys 11.98 15.37 12.33 6.40 10.44 19.66 2.60 -10.39 6.70 6.88 1.27 -16.37 5.57 Kapital 8.12 6.29 6.66 5.50 7.17 11.88 1.57 -7.75 4.46 21.34 1.87 -1.17 5.50 Korgau 11.54 8.31 8.33 4.66 7.09 13.09 4.25 -3.77 6.69 8.68 2.76 -9.74 5.16 Kunaev 9.64 8.30 7.83 7.47 8.18 9.59 6.46 0.44 6.06 7.79 3.68 -26.12 4.11 Kurmet 12.39 9.53 12.93 6.18 19.51 15.80 2.25 -10.70 12.48 7.07 3.69 15.82 8.91 HBK 15.92 5.05 10.43 7.55 19.45 14.02 17.16 -9.76 4.57 9.10 8.87 16.99 9.95 NGD 12.29 8.09 8.54 4.95 15.35 14.24 15.39 -10.66 4.73 6.61 10.38 2.45 7.70 APF 11.98 8.34 9.77 7.07 11.29 18.25 3.54 -9.85 23.80 17.94 2.80 6.78 9.31 Otan 14.92 10.10 9.57 7.03 10.09 10.65 4.90 -0.71 5.52 6.22 3.56 13.63 7.96 SENIM 15.35 13.66 9.61 7.22 10.73 22.13 3.85 15.68 8.04 8.04 1.91 -8.79 8.95 UlUm 11.69 11.77 16.02 5.14 11.00 35.14 5.60 -13.06 4.86 7.56 2.59 14.63 9.41 PMK 12.16 8.28 12.44 5.66 10.19 12.94 3.15 -9.10 19.80 20.66 1.44 12.31 9.16 ------- ----- ----- ----- ----- ----- ----- ----- ------ ----- ----- ----- ------ ----- Average 12.54 9.51 10.66 6.86 12.40 15.97 6.23 -5.15 8.81 10.14 4.53 4.14 8.05 --------------------------------------------------------------------------------------- For simplicity, following abbreviations have been used in the table: VTF - PAPF Valut-tranzit fund CJSC; Kunaev - PAPFOT after Kunaev CJSC; HPF - OAPF Halyk Pension Fund CJSC; Kaz-n - PAPF Kazakhstan CJSC; HBK - APF Halyk Bank of Kazakhstan; Kazmys - APF Kazakhmys CJSC; UlUm - up to Oct 10,01 OAPF Ular CJSC, on October 1 - OAPF UlarUmit CJSC; NGD - PAPF NefteGas-Dem; Kurmet - POAPF Kurmet; AAKMG - APF ABN AMRO - KaspiiMunaiGas CJSC; SENIM - OAPF SENIM CJSC; Korgau - APF Korgau CJSC; PMK - KAPF Philip Morris Kazakhstan CJSC; Otan - OAPF OTAN CJSC; SAPF - State Accumulative Pension Fund CJSC; Capital - APF Capital CJSC; "-" - the data is absent because of no fund activity or fund liquidation and also due to that fund worked during non-full month or data cannot be taken into account as objectively unstable. [2003-07-16]